Lloyd Enterprises' board OKs to acquire additional 12.25% stake in LICL

Lloyds Enterprises announced that its board has approved the acquisition of an additional 12.25% stake in Lloyds Infrastructure & Construction (LICL) for a total consideration of Rs 14.21 crore.

The Lloyds Infrastructure & Construction is engaged in business of construction activity. Its turnover was Rs 39.51 crore in FY24.

This investment is being made to explore investment opportunities and other general purposes.

The investment is part of the transfer of 4,90,00,000 equity shares of LICL from Mahaprabhu Venture to the company. As a result of this acquisition, LICL will become an associate company.

Lloyds Enterprises holding 12.25% equity stake in Lloyds Infrastructure & Construction. Post-acquisition, the company's total shareholding in Lloyds Infrastructure & Construction will be 24.50%.

The said acquisition will qualify as a related party transaction, as Lloyd Infrastructure & Construction is a related party of Lloyds Engineering Works, a subsidiary of Lloyds Enterprises. The transaction is being conducted on arms length basis.

It will take 10-15 days for the shares to be credited to the company's demat account.

Lloyds Enterprises is a member of the Lloyds Group, which includes Lloyds Metals and Energy, Lloyds Luxuries, Lloyds Realty Developers and Lloyds Engineering Works. Its business operations encompass importing, exporting, and dealing in iron and steel, alloy steel scrap, steel tubes, pipes, and wires.

The companys consolidated net profit declined 23.37% to Rs 22.07 crore inQ3 FY25 as compared with Rs 28.80 crore in Q3 FY24. Revenue from operations surged 158.17% to Rs 385.48 crore in Q3 FY25 as compared with Rs 149.31 crore posted in Q3 FY24.

The counter fell 1.91% to end at Rs 54.42 on Tuesday, 28 January 2025.

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